The Government of East Timor started the process of creating the National Development Bank, which it says it will be important for the economic and strategic development of the country, according to a statement from the Council of Ministers.

In the statement, Ágio Pereira, Minister of State and of the Presidency of the Council of Ministers, said the government intends to have an initial analysis ready by June.

“It’s good to see that steps are being taken for the creation of the Timor-Leste National Development Bank, which will enable Timorese businesses to grow, create jobs and build the nation’s economic infrastructure,” he said in the statement.

The State Secretariat for the Support and Promotion of the Private Sector will oversee the process, which will be done in partnership with the Ministry of Finance and the Central Bank, according to the statement, quoted by news website Macauhub.

The Pacific Private Sector Development Initiative is assisting the Government of East Timor. The Asian Development Bank, and the Australian Aid and New Zealand Aid programmes also support the initiative.